Which real estate markets are the hottest this Spring?
While higher than normal rates and elevated housing prices have been a challenge to navigate during the fall, there are several markets that have generated a lot of interest. The factors used for the recent study included strongest job growth, fastest population growth, largest home value appreciation, lowest unemployment rate, and highest rate of homes for sale.
The hottest in the country right now? It’s a mid-size town 75 miles outside of Atlanta called Gainesville, GA. Homes in the area have appreciated 40% in the past year, and jobs and population both grew at 15%. The area is also reasonably affordable, with a median home price of $375,000.
Sun Belt metro areas dominated the top five spots with Knoxville, TN, Fort Myers and Sarasota, FL, and Charlotte, NC also cited among the hottest real estate markets in the country.
When should sellers accept the first offer on their home?
According to an interview with several top real estate professionals from U.S. News and World Report, the answer varies.
Every seller dreams of owning a property that generates a bidding war between multiple interested parties. However, there are instances in which taking the first offer you get might be the best option.
The group of experts details six scenarios in which you may want to consider taking the first offer. According to the experts, cash or contingency-free offers should get priority at times. They also highlighted that taking a first offer may be in the seller’s best interest when they need to sell fast or if there’s limited interest. Also, getting an offer as soon as your home hits the market may be in the sellers’ best interests. Also, if you’re working with an experienced agent and they advise you to take it, you may want to think twice before saying, ‘no’.
Are buyers starting to adapt to higher mortgage rates?
According to real estate experts, buyers are starting to come to terms with mortgage rates over 6% and may be looking to re-enter the market. According to Sam Khater, chief economist at Freddie Mac, said, “After the substantial slowdown in growth last fall, home prices stabilized during the winter and began to modestly rise over the last few months. This indicates that while affordability remains a hurdle, home buyers are getting used to current rates and continue to pursue homeownership.”
In addition to optimism from Khater, homebuilders are also more positive about the current market, and are looking to resume more single-family home construction.
When asked about the future for mortgage rates, senior economist and director of real estate research for the National Association of Realtors, Nadia Evangelou, stated, “With inflation easing further and the Federal Reserve expected to pause its rate hikes soon, mortgage rates will stabilize near 6% in the second half of the year.”
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